Pak-China ties: Worlds’ largest bank to open branches in Punjab

Shahbaz Sharif hails agreement with the ICBC

LAHORE:

The world’s largest bank, the Industrial and Commercial Bank of China (ICBC), will open its branches in the Punjab. The first branch of the bank will be opened in Lahore.

A memorandum of understanding (MoU) in this regard was signed between the Punjab government and the ICBC administration on Sunday. Chief Minister Shahbaz Sharif and ICBC chairman Jiang Jianqing were present at the event.

According to the MoU, the bank will bring Chinese investment to the province and manage financial investment from other countries where it has strong presence.



The bank will also provide financial advisory to the government. It will provide technical cooperation to the government in automobile, agriculture and several other sectors. It has assets of $3.062 trillion.

The ICBC will provide consultative services to the Punjab government in foreign investment sector.

Welcoming the agreement, the chief minister said that the pact would play a key role in the promotion of investment in the province. “A new era of Pakistan-China friendship is going to start,” he said. Jianqing said that the bank was ready to play the role of a financial advisor for investments in Pakistan.

Chinese experts meet CM

Heads of Chinese investment companies and experts in energy, infrastructure, transport and other sectors also met Sharif on Sunday. Promotion of cooperation in various sectors including energy and investment was discussed at the meeting.

Talking to Chinese investors, Sharif said that the Chinese announcement of investing $46 billion in Pakistan was historic. “There is no other example of such extraordinary investment in the history of the country. Historic agreements will be signed during the visit of Chinese president to Pakistan. These include energy sector projects costing $20 billion. After the completion of energy projects by the end of 2017, 10,400 megawatts of electricity will be added to the system,” he said.

The chief minister said that projects for generating 2,500 megawatts of electricity were being carried out in the Punjab.

Up-grade of transmission lines

An agreement regarding up-grade of transmission lines of Quaid-i-Azam Solar Park was signed between the National Transmission and Distribution Company (NTDC) and a Chinese company on Sunday. The chief minister was present on the occasion.

Separately, a high-level delegation of Global Mining Company and Shanghai Electric Corporation China called on the chief minister.

The chief minister said that that Pakistanis would remember the extraordinary cooperation and role of China in resolving the energy crisis.

“The upcoming visit of the Chinese president will open up a new era of development and prosperity in Pakistan,” he said. The chief minister said that coal-based power plants were being set-up in Sahiwal that would generate 1,320 megawatts of electricity.

Published in The Express Tribune, April 20^th, 2015.